Shoppers of the uncommon variety flocked to Jervis shopping centre last week. You’d think it was Black Friday every day—oh wait, it practically is! Up to 13 first-round offers were paraded for the Dublin city center mall, quietly put on the market by owners Paddy McKillen and Padraig Drayne, likely hoping someone would notice their ‘for sale’ sign hidden between a Starbucks and an overpriced health food shop.
This marks a historic milestone—the first time the shopping center has graced the market since it was built in the 1990s by McKillen, Drayne, and Paschal Taggart, a name that sounds suspiciously like someone who’d sell you a time-share on the Moon. It remains one of the last centers born in the ’90s still under the thumb of its original developers, an impressive feat considering they could probably fill their pockets with loose change rummaging in the couch cushions of the mall.
Among the suspects competing for this prime retail real estate were the likes of the Comer Group, US property magnate Hines, and Peter Horgan’s Lugus Capital—basically your A-list of financial thrill-seekers, all hoping to add a shiny shopping center to their collection, like Pokémon cards for adults. Following hot on their heels was David Goddard’s Lanthorn, scouting on behalf of clients who probably swiped right on retail properties like they were Tinder dates.
The bidding frenzy had a direct correlation with the recent auctions for Marlet’s trio of retail parks across Dublin, Louth, and Tipperary, which saw a jaw-dropping ten initial bids. Ask any real estate agent, and they’d probably tell you retail has staged a comeback more spectacular than a 90s pop reunion tour, flipping the script on the doom and gloom forecasts we heard during the pandemic.
As it turns out, the post-pandemic whispers about the ‘death of bricks-and-mortar’ had more in common with a bad horror movie—predictably exaggerated! In fact, AIB’s latest quarterly retail report revealed that in-store consumer spending had spiked by 2%, proving that retailers aren’t just stocking up on hand sanitizer. Meanwhile, the EY Future Consumer index claimed that seven out of ten people still prefer browsing actual shelves over pixels, debunking the myth that online shopping was here to stay. Who knew? Apparently, shopping still requires a distinct ambiance—and maybe a pretzel or two for that ‘true shopping experience’ vibe.
Jean McCabe, the head honcho of Retail Excellence Ireland (sounds fancy, right?), stated that shoppers are “returning to stores for the customer experience.” Because, clearly, refreshing one’s browser no longer has the same thrill as digging through racks of clothes while pretending to ignore that persistent sales associate asking if you need help. Retailers are feeling the love too, opening more stores for “economies of scale” as if there were some kind of scale they could float away on.
Brendan McDowell, founder of BPerfect Cosmetics, began his venture in the wild west of online selling and has since opened 13 physical stores across the UK and Ireland—because apparently, physical contact isn’t dead yet. He noted that the pandemic-era retail landscape was a goldmine for negotiating. He dubbed it “the good time to open a store,” citing lower rents and longer rent-free periods—cue every aspiring entrepreneur trying to figure out how to turn back the clock to April 2020.
But let’s not pull the wool over our eyes; the market isn’t set to explode everywhere. Yes, while shopping centers in prime locations are thriving, those found next to less desirable real estate might as well be hosting ghost town conventions. Despite the occasional doom and gloom, retail’s resilience can be seen as hopeful. The closures are merely spaces waiting to be filled, as brands line up as if it’s the latest craze in weight loss programs. Retail is alive, kicking, and evolving, and it seems that every old shop is just an invitation for some new business looking for their turn in the spotlight.
